Definition of Observed value
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Observed value Definition from Encyclopedia Dictionaries & Glossaries
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In probability and statistics, a realization, or observed value, of a random variable is the value that is actually observed (what actually happened). The random variable itself should be thought of as the process how the observation comes about. Statistical quantities computed from realizations without deploying a statistical model are often called "empirical", as in empirical distribution function or empirical probability.
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